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People buy air rights all the time. When Mike Atlas (RIP) was building that cantilevered condo on Kirby, he bought the old Oak Lane(?) Apartments and encumbered them with a height restriction before selling them. Nothing can be built on that site over x feet tall.

If you’re concerned about your neighbor doing something that you won’t like, get out your checkbook and go make a deal with him not to do it.

It is possible to purchase “air rights” in some cities where “Transfer of Development Rights” programs have been implemented. They are intended to provide an incentive for historic preservation, while accommodation newer high density development. Generally, the seller sells his “air rights” preventing future higher density development on their parcel, resulting in preservation of that structure. The buyer purchases said air rights for the ability to build their development at a larger height or more density than normally permitted under development regulations

The lesson here is to buy a condo in a building with sufficient open space around it. Think Central Park West in NY or Lakeshore Drive in Chicago. The inevitable loss of views will probably be a drag on future resale values at the Cosmo. The exterior design of the building is also quite tacky.